Joe GallopTicketed livestream concert promoter Driift has acquired fellow Deezer-backed livestreaming platform Dreamstage, following an additional £4m investment from Deezer.
The acquisition will combine Driift’s production and event promotion offering with Dreamstage’s technology and commerce platform. The combined business will continue under the Driift name as an independent entity, run by CEO Ric Salmon and COO Claire Mas.
It follows global music streaming service Deezer acquiring a minority stake in UK-based Driift in October 2021. Deezer said it became a majority shareholder in Dreamstage prior to its acquisition by Driift. Deezer will become the largest shareholder of Driift as a result of the deal and $7m (£6.2m) of investment in the business this year.
Founded in August 2020 by Salmon and Brian Message of ATC Management, Driift’s work has included the BAFTA-winning Glastonbury Festival: Live at Worthy Farm, produced in cooperation with BBC Studios. In May this year, Dreamstage provided the platform for Driift’s global livestream of Little Mix at London’s O2 Arena (cap. 20,000).
Salmon said, “Through Deezer’s investment, we are confident that our upward trajectory will accelerate. We are delighted to welcome Dreamstage’s hugely talented team of developers, engineers and customer service personnel into the company. We can now offer a fully integrated livestreaming solution to our partners, with production, promotion and what we see as a market-leading technology and revenue generating platform under one roof.”
Deezer CEO Jeronimo Folgueira said, “Connecting artists and fans through engaging experiences is an essential part of our growth strategy, and adding livestreaming capabilities to our portfolio is a key component to deliver on this ambition. Driift has already built an unparalleled reputation for bringing groundbreaking livestreams to music fans all over the world, and we consider that the addition of Dreamstage’s tech and sales platform will take the business to the next level.”